Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Chubb Limited delivered a robust third quarter of 2024, posting significant growth in its Property and Casualty (P&C) underwriting, investment income, and life insurance segments.</li><li>Core operating income increased by 14.3% year-over-year to $2.3 billion, contributing to a 16.9% rise in net income.</li><li>The global P&C premium revenue grew by 7.6%, translating to an 8.5% increase in constant currency, reflecting strong performance across its diversified international markets and business segments.</li></ul>

Chubb Limited delivered a robust third quarter of 2024, posting significant growth in its Property and Casualty (P&C) underwriting, investment income, and life insurance segments.Core operating income increased by 14.3% year-over-year to $2.3 billion, contributing to a 16.9% rise in net income.The global P&C premium revenue grew by 7.6%, translating to an 8.5% increase in constant currency, reflecting strong performance across its diversified international markets and business segments.

Chubb Limited: Geographic Diversification As A Vital Tool For Growth! - Major Drivers

<ul><li>Chubb Limited's second-quarter earnings for the period ending June 30, 2024, revealed a robust financial performance, characterized by significant growth in premium revenue and substantial increases in both core operating and investment income.</li><li>The insurer reported a core operating EPS of $5.38, marking a 9.3% increase from the previous year.</li><li>This was supported by a growth in net premiums of 11.8% (or 12.3% on a constant dollar basis) facilitated by a diversified portfolio across geographical regions and business segments.</li></ul>

Chubb Limited's second-quarter earnings for the period ending June 30, 2024, revealed a robust financial performance, characterized by significant growth in premium revenue and substantial increases in both core operating and investment income.The insurer reported a core operating EPS of $5.38, marking a 9.3% increase from the previous year.This was supported by a growth in net premiums of 11.8% (or 12.3% on a constant dollar basis) facilitated by a diversified portfolio across geographical regions and business segments.

Chubb Limited: What Is Driving The Strong International Performance and Expansion! - Major Drivers

<ul><li>Chubb Limited showcased a strong performance in its Q1 2024 update, with notable growth across multiple segments and a robust financial posture.</li><li>The demonstrated acceleration in core operating income by over 20% to $2.2 billion and an operating EPS increase of nearly 23% to $5.41 underlines a solid upward trajectory.</li><li>Particularly impressive was the company's Property & Casualty (P&C) segment where underwriting income rose over 15% to $1.4 billion, underscoring a combination of earned premium growth and favorable underwriting margins.</li></ul>

Chubb Limited showcased a strong performance in its Q1 2024 update, with notable growth across multiple segments and a robust financial posture.The demonstrated acceleration in core operating income by over 20% to $2.2 billion and an operating EPS increase of nearly 23% to $5.41 underlines a solid upward trajectory.Particularly impressive was the company's Property & Casualty (P&C) segment where underwriting income rose over 15% to $1.4 billion, underscoring a combination of earned premium growth and favorable underwriting margins.

Chubb Limited: What Is Their Investment Strategy & Do They Have A Strategic Competitive Advantage?  - Major Drivers

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Quantitative Analysis

<ul>
<li>Short duration US factor strategies outperformed in September as markets came under pressure (value and dividend yield).</li>
<li>Despite keeping rates unchanged on the 20th of September at 5.5% (upper bound), Fed Chair Powell indicated that rates would be kept higher for longer than initially anticipated.</li>
<li>In this note we explore the <em><strong>relative performance</strong></em> of US factor strategies through different interest rate cycles, to inform timing around factor/style rotation.</li>
</ul>


Short duration US factor strategies outperformed in September as markets came under pressure (value and dividend yield).
Despite keeping rates unchanged on the 20th of September at 5.5% (upper bound), Fed Chair Powell indicated that rates would be kept higher for longer than initially anticipated.
In this note we explore the relative performance of US factor strategies through different interest rate cycles, to inform timing around factor/style rotation.


US Factor Strategies: Value and Dividend Yield Outperform in September, Higher for Longer Narrative

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>The S&amp;P 500 (SPX) is back to test YTD highs and important resistance in the 5670-5783 range. This is an important target/resistance area we have discussed for weeks.</li>
<li>Using the 2007 SPX topping analog suggests a 2% or less move above the prior all-time high set in July at 5670 before topping, which gives the 5783 number.</li>
<li>As long as SPX does not have a weekly close above 5783 we continue to recommend reducing risk and shifting to defensives,and this is the ideal time to do so.</li>
</ul>


The S&amp;P 500 (SPX) is back to test YTD highs and important resistance in the 5670-5783 range. This is an important target/resistance area we have discussed for weeks.
Using the 2007 SPX topping analog suggests a 2% or less move above the prior all-time high set in July at 5670 before topping, which gives the 5783 number.
As long as SPX does not have a weekly close above 5783 we continue to recommend reducing risk and shifting to defensives,and this is the ideal time to do so.


SPX Testing Resistance as Rate Cut Cycle Begins; SPX 5670-5783 Is Resistance, 2007 Analog on Track

United States

Chubb Limited operates as a property and casualty insurance company. The Company provides commercial and personal property, casualty, and personal accident and supplemental health insurance, reinsurance, and life insurance to a diverse group of clients.

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Chubb (CB US)

Chubb Limited: Geographic Diversification As A Vital Tool For Growth! - Major Drivers

Chubb Limited delivered a robust third quarter of 2024, posting significant growth in its Property and Casualty (P&C) underwriting, investment...

Baptista Research

Chubb Limited: What Is Driving The Strong International Performance and Expansion! - Major Drivers

Chubb Limited's second-quarter earnings for the period ending June 30, 2024, revealed a robust financial performance, characterized by significant...

Baptista Research

Chubb Limited: What Is Their Investment Strategy & Do They Have A Strategic Competitive Advantage? - Major Drivers

Chubb Limited showcased a strong performance in its Q1 2024 update, with notable growth across multiple segments and a robust financial...

Baptista Research

US Factor Strategies: Value and Dividend Yield Outperform in September, Higher for Longer Narrative

US rates and factor strategies: higher for longer likely to drive outperformance of short duration factor strategies, long US value short US growth.

DMA

SPX Testing Resistance as Rate Cut Cycle Begins; SPX 5670-5783 Is Resistance, 2007 Analog on Track

$SPX Testing Resistance as Rate Cut Cycle Begins; SPX 5670-5783 is Resistance, 2007 Analog on Track if Below 5783. Still Neutral, prefer to sell...

Vermilion Research

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